Final Results - Year Ended 30 September 1999

Glasgow Income Trust PLC
16 November 1999

                   GLASGOW INCOME TRUST PLC
                      PRELIMINARY RESULTS

Glasgow Income Trust's objective is to provide shareholders
with a high level of income and to obtain growth in both
income and capital over the longer term.  The Company is
managed by Glasgow Investment Managers.

     Preliminary Announcement of Results for Year Ended 30
                        September 1999


*    Total return on net assets was 20.3%, compared with the
  23.4% return on the FTSE All-Share Index.

*    Total return to shareholders was 29.3%. The discount of
  share price to underlying net asset value per share fell from
  10.3% to 3.7% over the year.

*    Over the five years to 30 September 1999, the total
  return on net assets was 16.7% per annum, which compares with
  the return of 16.5% p.a. on the All-Share Index.

*    Recommended final dividend of 1.125p per share brings
  total for year to 3.0p, a rise of 3.4% over the dividend level
  paid last year.

*    Forecasts of output growth in the next two years have
  been rising steadily and  competitive markets for goods and
  services and active management of UK monetary policy are
  likely to ensure a prolonged period of low inflation.


For further information please contact:

David Williams,                Managing Director
Glasgow Investment Managers    0141 572 2700





            Consolidated Statement of Total Return
             (incorporating the Revenue Account*)
             for the year ended 30 September 1999

                                1999                 1998
                                                       
                       Revenue  Capi-   Total Revenue   Capital Total
                       £000     tal     £000            £000    £000
                                £000          £000
                                                            
Gains on                 -      3,359   3,359   -       415    415
investments
Income                 1,439      -     1,439 1,489      -    1,489
                                              
Investment                72       72     144    67      67     134
management fee
Other                    171       17     188   183      -      183
administrative                          
expenses

NET RETURN BEFORE                                           
 FINANCE COSTS AND                                     
       TAXATION        1,196    3,270   4,466  1,239    348    1,587
                                              
                                                            
Finance costs of          74       74     148    157    157      314
borrowings                             
                                                            
RETURN ON ORDINARY                                          
  ACTIVITIES BEFORE                                     
     TAXATION          1,122    3,196   4,318  1,082    191    1,273
                                              
                                                            
Taxation                 125       -      125    178      -      178
                               
                                                            
RETURN ON ORDINARY                                          
   ACTIVITIES AFTER                                       
   TAXATION FOR THE                                       
   FINANCIAL YEAR        997    3,196   4,193    904    191    1,095
                                                            
Dividends on equity      931      -       931    900     -       900
shares                       
                                                            
TRANSFER TO               66    3,196   3,262      4     191     195
RESERVES                                  
                                                            
Return per ordinary    3.21p    10.30p  13.51p   2.91p  0.62p   3.53p
share                                  

Dividends per 
ordinary share         3.00p                     2.90p

*  The  revenue column  of this statement is the consolidated revenue
account of the Group.
All  revenue  and capital items in the above statement  derive
from continuing operations.
No operations were acquired or discontinued in the year.
There were no movements in shareholders' funds other than  the
amounts shown above as transfers to reserves.

The  financial information set out above and on the  following
page does not constitute the Company's statutory accounts  for
the years ended 30 September 1998 and 1999 but is derived from
those   accounts.  Statutory  accounts  for  1998  have   been
delivered  to  the Registrar of Companies and those  for  1999
will  be  delivered  following the  Company's  annual  general
meeting.  The auditors have reported on those accounts;  their
reports were unqualified and did not contain statements  under
section 237 (2) or (3) of the Companies Act 1985.

                                                                           
                               

                    Distribution of Assets


                     30 September 1999     30 September 1998
                       Market       % of   Market       % of
                        ValueShareholders'  ValueShareholders'
                         £000      Funds     £000      Funds

Ordinary shares        25,247      105.5   20,863      100.9
Convertibles            3,156       13.2    2,827       13.7
Unquoted bonds            488        2.0        -          -
                        _____       ____    _____       ____
                       28,891      120.7   23,690      114.6

Net current liabilities(4,962)     (20.7)  (3,023)     (14.6)
                       23,929      100.0   20,667      100.0
                        _____       ____    _____       ____

Net asset value per
ordinary share         77.09p              66.58p


                     Analysis of Portfolio
                               
                               
                                             1999       1998
                                                %          %

Resources                                     8.5        1.4
Oil and gas                                     -        6.1
Basic industries                             11.9        5.7
General industrials                           9.7       11.1
Non-cyclical consumer goods                   5.8        6.1
Cyclical services                            30.4       31.7
Non-cyclical services                         5.8          -
Utilities                                     7.9       12.6
Financials and investment trusts             20.0       25.3
                                             ____       ____

                                            100.0      100.0
                                             ____       ____


The portfolio is wholly invested in the United Kingdom.

                   GLASGOW INCOME TRUST plc
                               
                         ANNUAL REPORT
                               
                     CHAIRMAN'S STATEMENT

Background

In the first six months of the Company's year the UK
stockmarket rose steadily in response to interest rate
reductions.  In the second half the strength of equities was
sustained initially by forecasts of faster output growth but,
when the Monetary Policy Committee raised interest rates in
July to resist the inflationary pressures resulting from the
acceleration in UK economic activity, share prices began to
surrender their earlier rises.  The total return of 23.4% on
the FTSE All-Share Index over the year to 30 September 1999
was all achieved in the first half.

Investment Returns

The total return on net assets was 20.3%. Within this total
there was considerable variation in the performance of
individual sectors. The adverse impact on performance of the
overweight position in Utilities mentioned in the Interim
Report was recovered in the second calendar quarter of 1999 by
good returns from the investments in cyclical Basic Industry
and General Industrial stocks.  In the third quarter, however,
these cyclical stocks reacted adversely to the introduction of
higher interest rates.  At the same time falling prices in the
gilt-edged market were accompanied by some weakness in the
prices of the high-yielding convertible securities held
principally for their contribution to revenue.  As a result
overall investment performance began to lag the benchmark just
at the end of the Company's year.

Looking at the longer term, the total return on net assets
over the five years to 30 September 1999 was 16.7% per annum,
a little ahead of the return of 16.5% p.a. on the All-Share
Index.  These figures include income returns of 6.3% p.a. from
the Company and 4.7% p.a. on the index.

Share Price Rating

The discount of share price to underlying net asset value per
share fell from 10.3% to 3.7% over the year to 30 September
1999.  As a result of this significant improvement in the
rating of the Company's shares, the total return in the hands
of a shareholder was 29.3%, well above the return on net
assets.

Dividends

The Board is recommending a final dividend of 1.125p per
share, bringing total dividends for the year to 3.0p, a rise
of 3.4% over the level of dividends paid last year. If
approved, the final dividend will be paid on 29 February 2000
to shareholders on the register at close of business on 4
February 2000.



Portfolio Profile

As the UK equity market rose in the first half of the
Company's year, the exposure to ordinary shares was lowered
and the level of gearing reduced to 9.1% of net assets by
repaying some of the Company's short term borrowings.  In the
third quarter of 1999, however, when interest rates began to
rise, falls in share prices provided an opportunity to begin
raising the equity exposure again.  The investments made at
this time were financed by borrowing and gearing was 20.7% of
net assets at 30 September 1999.  There was little change in
the portfolio of convertible securities.

Purchase of Own Shares

As an investment company the Company is able to take advantage
of special rules on distributions contained in the Companies
Act 1985. Legislation has recently been passed altering the
requirements that a company must satisfy to qualify as an
investment company. It is proposed to take advantage of the
new regulations and amend the Company's Articles of
Association to enable it to buy back its own shares without
loss of investment company status. Accordingly a resolution is
being proposed at the forthcoming Annual General Meeting.

The resolution passed at the last Annual General Meeting to
authorise the Company to make market purchases of up to 14.99%
of its own ordinary shares expires on the date of the
forthcoming Annual General Meeting and a resolution is being
proposed to renew this authority for a further year. Shares
will only be purchased at prices below the prevailing net
asset value per ordinary share.

Outlook

Although the UK economy is expected to expand more slowly in
1999 than the 2.2% recorded for 1998, forecasts of output
growth in the next two years have been rising steadily.
Despite these forecasts of faster growth, however, it appears
that competitive markets for goods and services and active
management of UK monetary policy are likely to ensure a
prolonged period of low inflation.  The ratings accorded to
equities, therefore, seem likely to remain high and the
combination of improving economic prospects and share price
weakness represents an opportunity to increase investment in
ordinary shares on less demanding valuations than were
available during much of the year under review.

Board

Sandy Struthers, who has served as a Director of the Company
since its launch in 1988, has reached the age of 70 and, in
accordance with the provisions of the Articles of Association,
will retire from the Board at the Annual General Meeting on 16
December 1999.  My fellow directors and I should like to take
this opportunity to thank Sandy for his contribution to the
Board's deliberations and to wish him well in his retirement.


Annual Report and Annual General Meeting

The Annual Report will be mailed to shareholders on 16
November 1999 and the Annual General Meeting will be held at
Clydeport plc, 16 Robertson Street, Glasgow G2 8DS on Thursday
16 December 1999 at 12 noon.

R G Hanna
Chairman                                     16 November 1999